Bitcoins

I personally believe that Mt Gox users are unable to do so because, uh, some, uh, people out there in our nation don't have bitcoin and, uh, I believe that our economy like such as in Mt Gox and, uh, the Coinbase, everywhere like such as, and, I believe that they should, our exchanges over here in the U.S. should help the U.S., uh, or, uh, should help Mt Gox and should help the Coinfloor and the Asian bitcoins, so we will be able to build up our future

loll (under: "Gox's new ownership")

Here is the process we are going to put in place. We've set up a wallet here:

1EgQ4pz8bEBn2LNGxgSVcTNHyS5xm1fpxZ -

If you send a small transaction to this wallet, using the wallet that originally sent coins to Gox, we will be able to trace back to your wallet once we have entered the recovery phase.

Include a note in this transaction of your reddit username and leave a comment in the thread below.

Think of this as a sort of Paypal verification step, we will send the amount back to you shortly after you've sent it and will then have your data on file to receive your Mt. Gox holdings after we've completed the recovery.

The order of processing refunds will be determined by sorting the size of the sum total of transactions sent from your source address to the verification wallet in descending order. That way there is no unfair advantage to those who saw this message first, and those who have the strongest need to recover what was lost will recover their bitcoins or fiat first.

bravo aero

Include a note in this transaction of your reddit username and leave a comment in the thread below.

So it Mt. Gox a reddit thing? Or do they just assume that the overlap ot bitcoin users and redditors is basically 100%?

ha i was guessing the latter

I think that's a joke. Sort of like saying: "Anyone who lost Bitcoins please post your bank account number, routing information, social security number and credit card information and I'll make sure you get a refund."

My friend has a mining machine that runs 24/7 and it is LOUD.

the carbon footprint of dogecoin mining

good domain name for magic the gathering soon to be available

http://www.abugames.com/images/products/magic2014m14/pillarfieldox.jpg

Very fitting text too

XP: Cryptocoin mining is has brought a worldwide shortage of the high-to-medium range AMD graphics cards for the past 3 months.

AMD graphics card pricing skyrockets due to cryptocurrency mining, could kill AMD’s gaming efforts

A typical setup would be two cards (cost $1400-$3000) drawing 700-1000 watts for the machine.

Pretty much the first time cryptocurrencies have effected me personally (I'm a big fan of Mackey's Extraordinary Popular Delusions and the Madness of Crowds), as AMD has an intriguing API (Mantle) and I'm about to build a new midrange gaming rig.

i won like .0045 of a bitcoin but cant get it because i owl ended more to have it sent to a wallet

bitcoinplus

I think someone should invent the Obamacoin

ok so there is a chance that MtGox literally just lost their private key

http://money.cnn.com/2014/02/28/investing/mt-gox-bankruptcy/index.html?hpt=hp_t2

this whole thing has been amazing to watch

def feel p stupid for not getting in on this stealing bitcoins thing early

its about time this got the Taiwanese Animation treatment

https://www.youtube.com/watch?v=fVobjVZK6ho&noredirect=1

http://i.imgur.com/JFRz2QV.gif

Comments on this - http://valleywag.gawker.com/bitcoin-kingpin-admits-everyones-money-is-gone-1533315083 - are pure gold. (As is the line Funny, how these people only want anything to do with the government after they've fucked themselves over into another dimension.) My favorite:

Here's how Bitcoin works - you give your money to a beefy libertarian video game company executive in a foreign country (who speaks damn good Japanese for a Gaijin), he does some bullshit computer razzmataz, you tell all your friends "I'm free of Fiat Money - John Galt Rules!".....and then your money is gone.

OMG the "massive bitcoin boners" part

speculation!

anyway once you put your money in a bank it seems like its almost the same at a virtual currency - its just numbers in a database

numbers in a database with FDIC protection

oh yeah! (slaps forehead as bitcoins dissolve to thin air)

fiat numbers

disruption, innovation

its not much different I guess than the stock market - specualtion

yeah, but no one is claiming stocks as a new form of currency that will usher in a libertarian utopia

they should! "Can I buy a ham for three shares of Earthlink?"

YES

its pretty differnt than stocks

http://money.cnn.com/2014/02/28/investing/mt-gox-bankruptcy/index.html?hpt=hp_t2

xpost xpost - yes the irony is thick "we do not need the government to deal with money" --- "Oh wait - laws prevent crimes"

seems more like a commodity than stock or currency, with all the speculation, constrained supply, wild spikes in value, like a virtual equivalent to a precious metal like gold

I mean they even call it bitcoin mining

its a fiat commodity

my other car is a fiat Fiat

Currencies are speculated on too, and occasionally a currency has wide swings in value. Hence, bitcoin is what I call a shitty currency.

its an IDEA!

it's a fiscal Esperanto for the digital age!

it's an MMO auction house for IRL!

it's the future!

People with half a brain stopped using Mt.Gox nearly a year ago. We all moved to respectable exchanges such as Coinbase, Bitstamp, and CampBX who strive to be in line with regulators and are run by people who actually understand finance. It's also important for people to understand that Mt.Gox shutting down is about the same as some rural bank in North Dakota shutting down — it hardly affects the value of the currency in which it exchanged. BTC is still hovering arbound $550 and $750 and the blockchain shows there is a buying frenzy going on because, believe it or not, this is considered cheap at the moment.

http://www.coindesk.com/bank-stops-working-bitcoin-exchange-campbx-regulatory-uncertainty/

lol

http://www.theverge.com/2014/2/15/5414610/bitstamp-restores-service-after-targeted-attack

The problems stem from a vulnerability known as "transaction malleability," which refers to an issue that would allow a user to alter transaction details to make it seem as if a transfer failed when it had actually succeeded. This week, Bitcoin core developer Jeff Garzik told The Verge that the issue is more widespread than the team initially realized. "It's mainly a nuisance," he said, "forcing everybody to stop and fix their website software and Bitcoin wallets."

I mean, if I were more cavalier about my spare money I could see throwing some into this just to see what would happen but given that until two weeks ago the whole process could be exploited by spoofing responses, it just feels like a fundamentally bad idea to view this as anything more than a crude gambling opportunity.

seems more like a commodity than stock or currency, with all the speculation, constrained supply, wild spikes in value, like a virtual equivalent to a precious metal like gold

I thought about doing some kind of discount on Magic cards for people who could prove they'd lost money on MTGOX but I decided it would offend the few possible customers who got the joke.

You should have done it anyway!

Can't even remotely relate bitcoins to stocks. I mean, stocks represent something tangible, defined, and regulated, like say a tiny percentage of the market cap of General Electric, a 100+ year old company that has consistently made profits. Bitcoins represent a "currency" that a vast majority of merchants won't accept, whose value fluctuates wildly on a whim, that is not backed by anything considered valuable, that is still growing in supply daily by random ppl willing to burn up gabs of electricity with overworked computers, that you could lose if your hard drive crashes.

this is a dumb question - but how is a bitcoin created? is there like a company that makes a bitcoin and puts it into circulation? or is the total number of bitcoins regulated?

its decentralized, theres a formula that controls their creation (they call the process mining lol), basically you run the mining program and then after a while u get some coins, you are m/l spending computer cycles on bitcoins, the more that are mined the more computer power it takes to mine new ones until eventually no more can be mined

the formula was written by an anonymous creator(s) and released into the wild now its just computers talking to computers

I thought the whole point of bitcoins was to be able to buy drugs on the silk road

if only

this is a dumb question - but how is a bitcoin created? is there like a company that makes a bitcoin and puts it into circulation? or is the total number of bitcoins regulated?

http://upload.wikimedia.org/wikipedia/en/5/50/NES_Super_Mario_Bros.png

Yes, the total number is predetermined though -- not "regulated" but built into the design

They come in a can, we're put there by a man, in a factory downtown